DEEP RESEARCH · SAMSUNG ELECTRONICS
Samsung Electronics Q2 2025 Earnings Call Notes
A compressed read of the call: MX confidence, foundry recovery hopes, memory price recovery, and HVAC expansion.
0. Bottom line first
The tone I heard was confidence from MX, emphasis on foldable display technology, pride in expanded M&A, and renewed confidence in foundry after the Tesla order. The numbers are still not enough, but the direction clusters around AI, 2nm, foldables, and HVAC.
- The source says it transferred content from Samsung's IR events page: https://www.samsung.com/sec/ir/ir-events-presentations/events/
- Company revenue is summarized at KRW 74.6 trillion, down 5.8% QoQ; operating profit at KRW 4.7 trillion, down KRW 2 trillion QoQ; and operating margin at 6.3%.
- The stronger won had a roughly KRW 0.5 trillion negative impact, mainly on component businesses with high dollar exposure.
1. Call structure and participants
Official fact: Samsung Electronics IR head Daniel Oh hosted the call, while CFO Park Soon-cheol presented the second-half outlook and shareholder-return topics.
Official fact: Participants included Memory EVP Kim Jae-june, System LSI EVP Kwon Hyung-man, Foundry EVP Noh Mi-jung, Samsung Display EVP Park Joon-young, MX EVP Daniel Araujo, and VD EVP Noh Kyung-rae.
AI and foldables
There was clear confidence around Galaxy Z Fold7, AI integration, and an open AI platform strategy.
Polarizer-free technology
Samsung Display's attendance and the polarizer-free technology discussion are worth reading alongside foldables.
2nm and orders
Confidence rose after the Tesla order; now it has to be proven in earnings.
2. Financial performance and segment direction
| Item | Call content |
|---|---|
| Company revenue | KRW 74.6 trillion, down 5.8% QoQ |
| DS | Revenue up 11% QoQ from expanded high-value server memory such as HBM3E and DDR5, plus major foundry customers |
| DX | Revenue down 16% QoQ from fading smartphone launch effects and tougher TV competition |
| SG&A | Down KRW 0.6 trillion to KRW 20.8 trillion from more efficient advertising and SG&A spending |
| Operating profit | KRW 4.7 trillion, down KRW 2 trillion QoQ; operating margin 6.3% |
| FX | About KRW 0.5 trillion negative impact, mainly in components |
3. Second-half issues
Official fact: The memory division expected AI server demand to accelerate in the second half, helped by paid AI service growth, CSP inference expansion, and improving GPU and ASIC supply.
Official fact: The call notes wider DRAM price increases, a NAND price rebound from Q3, and relatively larger increases in legacy DRAM and planar NAND.
Official fact: Q3 DRAM shipments are expected to grow by a high single-digit percentage QoQ, while NAND bit growth is expected to rise by a mid single-digit percentage QoQ.
4. Remaining Q&A notes
- Exynos 2500 successfully entered a foldable model, and Exynos 2600 is being developed as the first 2nm GAA product for major customer flagship models in the first half of 2026.
- MX described a shift from app-centric to agent-centric interaction, and from touch-centric use to multimodal experiences.
- The HVAC market was described as about $180 billion in 2024, with the Flakt acquisition expanding Samsung into central HVAC, energy savings, and specialized data-center, bio, and commercial markets.
- HBM3E may face supply-demand and price effects from increased supply, but Samsung said it will keep securing HBM3E demand while strengthening HBM4 and custom HBM collaboration.